We closed on the sale of The Power House last week…
We originally planned to hold this one as a long-term rental, and even had it up for rent for a while (and got LOTS of interest and applications), but as we were going through the process of pre-qualifying potential tenants, we realized how much we disliked the idea of rentals (as we seem to realize every time we buy a potential rental). And, as usual, I’m sure we’ll regret selling it in the not-too-distant future.
We then listed it for sale at $90K and over five months, got it under contract 3 times with potential homeowner buyers. Each time, the sale fell through due to financing issues, and each time we dropped the price a bit. Finally, we decided to just sell it to another investor who could pay cash. We ended up selling it to an investor/friend who’s bought several of our “rental” properties over the past couple years, with the entire transaction taking less than a week.
Had we been able to sell to a homeowner, we likely would have made about $15K more in profit, but after three deals falling through, I was just glad to be rid of it. Here is the breakdown of financials for this project: